Bitcoin traded near $68,000 on Wednesday, staying in a tight range as volatility eased and derivatives positioning stabilized. The cryptocurrency has traded between $65,100 and $72,000 since Feb. 6, following a selloff that pushed prices to their lowest level since October 2024.
Derivatives metrics suggested a more balanced market. Open interest was around $15.5 billion, while funding rates were flat to slightly negative on major venues. Options activity was more evenly split between calls and puts, and short-dated skew eased, pointing to less directional positioning after the early-month move. Liquidations remained elevated over the past 24 hours but were below levels seen during sharper deleveraging episodes.
The consolidation comes as investors watch for fresh macro signals, including the Federal Reserve’s meeting minutes due later Wednesday.
WLFI Gains Ahead of High-Profile Event
In altcoins, moves were mixed. WLFI, a Trump-linked DeFi token tied to World Liberty Financial, rose nearly 19% over 24 hours ahead of a crypto forum scheduled at Mar-a-Lago on Wednesday. The event is expected to include executives from major financial firms and market infrastructure providers.
Elsewhere, lending protocol token MORPHO extended its recent rally, outperforming over the past week as traders sought momentum in a range-bound broader market.
